Before going into details of the estimated growth of the beauty devices industry, it will be relevant to know what makes up this industry. Basically it can be categorised in two. The first is those that cater exclusively to skin rejuvenation treatments like facial cleansing and acne removal, oxygen and steamer tools, skin derma and cellulite reducing equipment. The second is permanent hair removal platform. It consists of primarily destroying melanin and papilla in the roots of the hair. These are the main agents of hair growth. Intense and laser light focussed on the area travels below the skin thereby burning the hair bulbs.
New treatment devices are being introduced by leading aesthetic device manufacturers periodically, leading to intense competition in this field. A lot of importance is given to skin care, not only because a fresh blemish less skin enhances beauty and looks but also from the medical angle too. The skin protects vital organs of the body from the harmful effects of the sun’s UV rays as well as harmful bacteria and viruses. It is therefore natural that people all over the world attach a great importance to optimising skin care.
A lot of research on the beauty devices sector has been made by different agencies but the latest from Persistence Market Research throws up some interesting estimates. In their report Global Market Study on Beauty Devices: Asia to Witness Highest Growth by 2020, it is said that the turnover of beauty devices will witness exponential growth. Sales are expected to rise from US $19.4bn in 2014 to a staggering US $54.2bn by 2020. This works out to a growth of 18.70% year on year.
The report incidentally details this growth by geographical area and is segmented into the regions of North America, Asia, Latin America, Europe and the rest of the world.
In North America and Latin America, the growth is expected to be fuelled by the huge projected increase in the number of beauty salons and spas offering various cosmetic treatments. Presently, there are over 750,000 spas and salons in the region alone. This is one of the geographical areas where companies manufacturing and offering laser IPL machines for sale are expecting huge spike in turnover.
In Europe, sales of beauty devices are expected to be driven by ever increasing mortality rates, resulting in an average increase in the age of the population. This is the section that will make depend on spas, beauty treatments and skin rejuvenation techniques to retain their looks.
The rise in sale of beauty devices in Asia is due to economic resurgence in most countries where the people have disposal income to spare for funding non-essential activities. The world leaders in beauty products and devices have therefore aggressively marketed their products in Asia and have reaped lucrative dividends from this strategy. More and more market leaders in this field are now treating Asia as their launch pad for new products. Some of the global companies that have invested in Asia include L’Oréal Group, Home Skinovations, Ltd Koninklijke Philips N.V., Carol Cole Company, Procter & Gamble and Panasonic Corporation. A host of new companies are expected to be in the fray soon further raising the levels of competitiveness.
Watch out for such path breaking and illuminating research in future on the growth of beauty devices.